2026年1月12日，分拆自海大集团(002311.SZ)的海大国际控股有限公司 Haid International Holdings Limited(以下简称"海大国际")在港交所递交招股书，拟香 港主板IPO上市。 海大国际招股书链接： https://www1.hkexnews.hk/app/sehk/2026/108067/documents/sehk26011200895_c.pdf 主要业务 海大国际，作为一家技术驱动型的全球化农业企业，于2012年收购越南海外工厂而正式开展业务，凭藉公司在技术、产品及服务方面的核心竞争优势，以 饲料业务为基石，为畜牧行业全价值链提供全面的综合解决方案。公司的核心市场为亚洲(不含东亚，下同)、非洲及拉丁美洲。 根据弗若斯特沙利文的资料，于2024年按产量计，海大国际是亚洲第二大水产料供货商，水产料产量达100万吨，也是越南第三大饲料供货商，饲料产品 产量达170万吨。 海大国际通过涵盖饲料、种苗与动保的整套产品与服务，全面满足养殖业领域的各种需求，基于严格研发提供专业化产品，并为本土化养殖及运营效率提 供深度支持。 饲料业务：是公司的主要产品，提供科学配比的饲料 ...

根据弗若斯特沙利文的资料，2024年，按产量计，海大国际控股是亚洲（不含东亚）第二大水产料供应 商，水产料产量达1.0百万吨；按产量计，亦是越南第三大饲料供应商，饲料产品产量达1.7百万吨。 截至2025年9月30日，海大国际控股已设立超过100个服务站，拥有逾2600名销售及技术服务人员，其中 约400名专注于技术服务，构建起本地化服务网络，持续深化养殖市场渗透，与养殖户建立起牢固的合 作关系。 来源：观点地产网 观点网讯：1月12日，海大国际控股向港交所递交招股书。 据招股书，海大国际控股是一家技术驱动型的全球化农业企业，以饲料业务为基石，为畜牧行业全价值 链提供全面的综合解决方案，核心市场为亚洲（不含东亚）、非洲及拉丁美洲。 于相同期间，毛利分别为11.68亿元、17.3亿元、12.74亿元及18.73亿元，2024年同比增长48.1%，而截 至2025年9月30日止九个月则同比增长47.0%。于2023年、2024年及截至2024年及2025年9月30日止九个 月，毛利率分别为12.9%、15.2%、15.2%及16.8%。 据观点新媒体了解，海大集团此前发布公告，为深化全球化战略布局，计划将旗下境外 ...

来源：GPLPCN 近日，有媒体报道称，菲律宾餐饮巨头快乐蜂食品集团宣布了一项重大计划：分拆包括中国业务在内的所有国际业务，成立一家名为"快乐蜂国际公司"的新 实体，并计划在2027年底前于美国证券交易所独立上市。 若顺利实施，在中国拥有永和大王、宏状元等多个品牌，门店数量超550家的业务板块，将开启一段全新的资本航程。 不过，快乐蜂这艘准备驶向资本深海的战舰，在中国水域正面临不小的风浪。为了应对激烈的本土竞争，特别是来自瑞幸、蜜雪冰城等品牌在加盟商和投资 回报率上树立的新标杆，永和大王已经主动调整了航向，包括推行"超值模式"，通过降低菜单价格来吸引顾客，换来了订单量的大幅增长。 此外，永和大王等品牌还大幅降低了新开门店的成本，将单店投资进行大幅压缩，并计划将新店重点开在二线城市的社区等租金更友好的区域，目标是将投 资回收期缩短。这些策略调整已初见成效，快乐蜂中国业务在2025年第三季度实现了同店销售额增长8%的回升。 此番分拆上市，可视为快乐蜂为其国际业务，尤其是中国业务，注入的一剂"强心针"。独立上市不仅能募集到更专注的国际扩张资金，提升品牌在全球市场 的知名度，也能让不同偏好的投资者更清晰地选择投资标的 ...

该公司在周二的一份声明中表示，这家名为Jollibee Foods Corporation International的新实体将包括其在 菲律宾以外的所有业务，而其国内业务将继续作为一家上市公司在菲律宾证券交易所（Philippine Stock Exchange）上市。 快乐蜂表示："该架构旨在为每家公司明确战略重点，支持各项业务追求其战略雄心，同时提升每一项 股权投资逻辑的清晰度。" 快乐蜂表示："该架构旨在为每家公司明确战略重点，支持各项业务追求其战略雄心，同时提升每一项 股权投资逻辑的清晰度。" 该公司表示，该交易预计将使现有股东获得与其当前持股量相等的国际业务股份。快乐蜂目前管理和运 营着一个品牌组合，其中包括19个品牌，在33个国家拥有超过10，000家门店和咖啡馆，并持有The Coffee Bean and Tea Leaf等品牌的股权。 责任编辑：王永生 菲律宾快餐集团快乐蜂（Jollibee Foods Corp．）在寻求加速全球增长之际计划分拆国际业务，并于 2027年底前使其在美国上市。 菲律宾快餐集团快乐蜂（Jollibee Foods Corp．）在寻求加速全球增长之际计划分拆国际 ...

来源：滚动播报 百度建议分拆昆仑芯在香港交易所独立上市。 ...

Core Viewpoint - Domestic biopharmaceutical companies are increasingly pursuing listings in Hong Kong, with Fosun Pharma planning to spin off its vaccine business, Fosun Antigen, for a Hong Kong listing, while maintaining control over it [1][2]. Company Summary - Fosun Antigen, established in July 2012, focuses on the research, production, and sales of human vaccines, having developed both bacterial and viral vaccine technology platforms [1]. - Fosun Pharma holds approximately 70.08% of Fosun Antigen's shares through its subsidiary, Shanghai Fosun Pharma Industry Development Co., Ltd. [1]. - Fosun Antigen has received approval for several vaccines in China, including rabies vaccines and influenza vaccines, while its 13-valent pneumococcal conjugate vaccine is in Phase III clinical trials [1]. Financial Performance - Fosun Antigen reported a revenue of 153 million yuan and a net loss of 58.45 million yuan in the first half of the year [2]. Strategic Implications - The spin-off is expected to enhance Fosun Antigen's financing channels and market competitiveness, while also allowing Fosun Pharma to deepen its presence in the vaccine sector [2]. - The trend of A-share listed pharmaceutical companies pursuing dual listings in Hong Kong is gaining momentum, driven by the need to expand overseas and attract international investors [3]. Market Context - Hong Kong's market offers diverse international investors and improved liquidity, making it an attractive option for companies like Fosun Pharma to list their subsidiaries [3]. - The successful listings of companies such as Hengrui Medicine and others have created a demonstrative effect, encouraging more firms to consider Hong Kong as a viable listing destination [3].

Core Viewpoint - Lantu Automotive has undergone a significant management change with Lu Fang replacing You Zheng as the legal representative and chairman, coinciding with the company's preparations for its upcoming IPO in Hong Kong [2][4]. Company Changes - On September 22, Lantu Automotive changed its business registration to Lantu Automotive Technology Co., Ltd., marking a key step towards its listing on the Hong Kong Stock Exchange [6]. - The company has also seen a shift in its board of directors, with several members exiting and new appointments, including Lu Fang as chairman [3][4]. Financial Performance - Dongfeng Group reported a revenue of 54.533 billion yuan for the first half of the year, a year-on-year increase of 6.62%, but the profit attributable to shareholders dropped by 91.96% to 55 million yuan [6]. - Lantu Automotive achieved a delivery of 85,697 vehicles in 2024, representing a year-on-year growth of approximately 70%, and a cumulative sales figure of 56,128 vehicles in the first half of 2025, up 85% year-on-year [6][9]. Market Position and Challenges - Lantu Automotive is positioned as a high-end brand within the competitive electric vehicle market, facing challenges from both new entrants like Tesla and traditional luxury brands transitioning to electric [9]. - The company has a strong sales performance with its Lantu Dreamer model, which accounts for over half of its total sales, but it also faces issues with underperforming models [9]. - The electric vehicle market is becoming increasingly competitive, with price wars intensifying, which could impact Lantu's market share and brand positioning [9]. Strategic Moves - Dongfeng Group's strategy to spin off Lantu for a public listing aims to enhance the valuation of both Lantu and the parent company, addressing the low valuation issues faced by Dongfeng [7][10]. - The anticipated IPO is expected to broaden Lantu's financing channels, improve its brand image, and expand its international business opportunities [7][10].

Core Viewpoint - Yanzhou Coal Mining Company Limited plans to spin off its subsidiary, Kason Technology Co., Ltd., and list it on the National Equities Exchange and Quotations (NEEQ) system, aiming to enhance its operational efficiency and market presence in the industrial lubricants sector [1] Group 1 - The proposed spin-off is expected to broaden Kason Technology's financing channels, allowing for increased investment in the industrial lubricants sector, thereby strengthening market competitiveness and expanding its product range [2] - The spin-off will enhance Kason Technology's market exposure and brand image, attracting talent and improving creditworthiness with financial institutions, which may facilitate easier access to loans and credit [2] - Kason Technology will improve its financial systems and internal controls in compliance with regulatory requirements during the spin-off process, leading to better management standards and operational efficiency [2] Group 2 - Post-spin-off, the NEEQ will provide a market price reference for Kason Technology, allowing for a more accurate reflection of its value and enabling better valuation of the group's various business segments [3] - The company will maintain control over Kason Technology after the spin-off, continuing to consolidate its financial statements, thus benefiting from Kason Technology's future growth and development [3]

Group 1 - The core viewpoint of the article is that Alibaba's spin-off of a $22 billion unicorn is impacting its Hong Kong IPO, with criticism from the former CFO regarding the company's motives for going public as "raising money" [1] Group 2 - Alibaba is planning to spin off a business valued at $22 billion, which is expected to affect its upcoming IPO in Hong Kong [1] - The former CFO of Alibaba has publicly criticized the company's IPO strategy, suggesting it is primarily focused on raising capital rather than long-term growth [1] - The article highlights the potential market reaction to Alibaba's IPO amidst the criticism and the broader implications for the tech sector in Hong Kong [1]

Core Viewpoint - Alibaba Group announced plans to spin off its subsidiary, Zhibo Network Technology Co., Ltd. (Zebra Smart Travel), aiming for an independent listing, focusing on smart automotive operating systems and solutions for digital transformation in the automotive industry [1][3]. Group 1: Company Overview - Zebra Smart Travel was established in 2015 as a joint venture between Alibaba and SAIC Group, specializing in smart automotive technology [1]. - As of the announcement, Alibaba holds approximately 44.72% of Zebra Smart Travel's shares, which is expected to decrease to "over 30%" post-spin-off, maintaining a significant stake [3]. Group 2: Financial Performance - Zebra Smart Travel reported revenues of 805 million, 872 million, and 824 million RMB for 2022, 2023, and 2024 respectively, with a year-on-year decline of 5.5% in 2024 [8]. - The company incurred net losses of 878 million, 876 million, and 847 million RMB over the same period, totaling a cumulative loss of 2.6 billion RMB [8]. - Research and development expenses reached 3.2 billion RMB over three years, while total revenue was only 2.5 billion RMB, indicating a significant investment in R&D without corresponding revenue growth [8]. Group 3: Management Insights - Former CFO Xia Lian expressed skepticism about the company's future growth, citing underperformance in the past three years and concerns that the upcoming years may not improve [4][8]. - Xia criticized the spin-off as a potential cash grab, indicating a lack of commitment to the company's original vision and values [4]. - She also voiced discontent with certain executives' ethics and management style, suggesting a disconnect between leadership and the company's foundational ideals [4]. Group 4: Market Position - The absence of a dedicated CFO position in the company, with the CEO also handling financial responsibilities, raises questions about the management structure and financial oversight [7].